US monetary system: Robber Baron-era design makes US debt peons forever. You knew that, right?

As I’ve previously written, the interest payment on the national debt is now ~$450 billion every year, there is no plan to ever repay the debt (we only pay the interest), and our monetary system only and always creates money as debt: condemning us to perpetually increasing debt for ourselves and our posterity.

This debt-based monetary system was institutionalized through the Robber-Baron Federal Reserve in 1913. It takes the money-creation power of the US and transfers it to banks, that then create money as debt and lend it to us. Because the government gave away this power, they have to borrow their own money. The solution, as advocated by many of the America’s brightest historical minds, is to merely transfer the money-creation power back to the people. The idea is supported among US third parties, and growing factions among the Republican and Democratic parties. The most well-known current journalists/advocates on this topic that I know of are Ellen Brown, Ben Still, Paul Grignon, and Stepen Zarlenga.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA